The Importance of Innovation in Unicorn Grocery
Added on 2021-01-02
17 Pages3993 Words105 Views
Innovation
INTRODUCTIONInnovation is defined as the process that is used by most of the firms in form ofconverting an idea into concept or product which satisfy needs of customers or for which theyare willing to pay. The main reason behind bringing innovation within organisation is to satisfydifferent needs of potential customers in an effective and better way (Aarikka-Stenroos andSandberg, 2012). It generally refers to the procedure of developing effective processes,workflows, ideas and products. By implementing innovation, firm can gain competitive edge inmarket. This report is based on Unicorn Grocery which is a cooperative grocery store ofEngland, United Kingdom. It includes innovation and its importance along with its comparisonto invention. Apart from this, the process required for commercializing innovation and range oftechniques for protecting intellectual properties are includes in it. This project also discussesabout process of new product development, frugal innovation, 4p's of innovation and importanceof commercial funnel. Besides this, an innovative business case is developed for firm. TASK 1P1 Explain innovation and determine its importance to organisations in comparison withinventionInnovation includes the process in which firm added a new feature, value or characteristicto product or service which completely satisfy diverse requirements and needs of customers. It isbasically the process of transforming an idea into product or concept. For a successfulinnovation, a good idea is required because without it, no innovation can takes place. So, a goodor unique idea is very crucial for establishing a successful venture or goods or services whichmeets needs of target audience. It is the key to growth and long term success of any businessorganisation. Innovation administer competitive edge to company over its rivals in market place.It acts like catalyst for business enterprise as it administers competitiveness to firm and assists inits high growth. Innovation and invention are not similar, they both are different from each other(Difference Between Invention and Innovation. 2016). Introducing innovation in products orservice does not mean that it is invention. It is a change process and firms are require to adaptthemselves according to the transformations that takes place in business surroundings. Offeringsuch goods & services which helps in satisfying changing needs of customers can only bepossible with bringing innovation. Firms are require to develop an innovative culture at
workplace and provides an opportunity to employees to show their skills and creativity. This willmake organisation more competitive and employees become more capable to resolve issues orproblems with effectiveness and efficiency. Innovation helps the company in maintaining theirstrong position at market place for longer period of time. A creative and unique idea is one of thesuccess key of enterprise (Bagchi-Sen, 2010). (Source: Innovation, 2017)Unicorn Grocery is one of the cooperative grocery store of England in which 70employees are working and carrying out its operations. Significant profits are yield by companybut due to availability of many competitors in market which deals in similar products, a bigthreat is there for firm of loosing its position. So, in order to maintain it and gaining advantage atmarket place, referred company is require to make themselves distinctive by doing somethingnew. In this regard, management of firm takes decision of introducing an application that makesit easy for customers to access their products. Use of mobile application also assists in reducingtime as well as efforts of both firm and its potential customers. Some advantages that firm gainby introducing innovation are as follows: For creating unique selling proposition of particular product or process, the greatestmeans is effective innovation (Ettlie and Rosenthal, 2012). By innovation, firm enable to yield high sales and profit. Illustration 1: Innovation
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